Farm Gal
Elite Member
- Joined
- Jan 14, 2002
- Professional Status
- Licensed Appraiser
- State
- Nebraska
OK I am going to jump in here with a comment (for the benefit of any non-appraiser bank and underwriter lurkers) that on some occasions the nearest comp IS in the next county or 20+ miles away... HOWEVER there are far to many appraisers who DO lack geograpic competence who are causing this problem... and it occurs more often with wobbly boxes than any other type of residential property.
That said I am also seeing a real run-up in value of well maintained rural mudulars on nicer small acreages in my area. I cannot at this time personally justify the bid-up wars I see occurring in some submarkets, but the cause appears to be the lure of an inproved property with the potential to become one of the better homesites in years to come. I believe the cause is that the prettier or more accessable sites with modulars, provide a temporary housing situation with intent to build the dreamhome in the future.
On the other hand, flatland Manufactured REO's can go a wanting due to REO competition.
Know thy appraiser and make sure he/she is ethical, local and educated in the sub-market~!
That said I am also seeing a real run-up in value of well maintained rural mudulars on nicer small acreages in my area. I cannot at this time personally justify the bid-up wars I see occurring in some submarkets, but the cause appears to be the lure of an inproved property with the potential to become one of the better homesites in years to come. I believe the cause is that the prettier or more accessable sites with modulars, provide a temporary housing situation with intent to build the dreamhome in the future.
On the other hand, flatland Manufactured REO's can go a wanting due to REO competition.
Know thy appraiser and make sure he/she is ethical, local and educated in the sub-market~!
